FIL might be more than 70% away from its all-time high, but derivatives data shows traders are steadily building leveraged positions.
Some traders have said that Filecoin (FIL) has lost its momentum because its current price at $64 is more than 70% below its all-time high at $238. However, this decentralized data-sharing platform is showing signs of increasing adoption and this could cause the FIL token price to accelerate its current uptrend.The FIL token is used to purchase storage space and retrieve data from the Filecoin Network. At the same time, its users gain rewards for selling their excess storage using this open-source platform. To compete with existing centralized cloud storage services, Filecoin has economic incentives to ensure files are reliably stored over time.Filecoin (FIL) price at Coinbase in USD. Source: TradingViewNotice how the past three weeks showed a potential reversion to the previous downtrend move
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